A rash of positive housing data has given some analysts hope that the housing market has bottomed and an economic recovery is underway. But the soaring unemployment and rising mortgage rates could lead to a double-dip plunge for the housing market.

Home prices rose on a monthly basis in May for the first time in nearly three years, according to the Standard & Poor’s Case-Shiller Home Price Index. The improvement in the Case-Shiller index followed the release of several equally optimistic government reports that showed increases in home sales and housing starts, and a decline in inventories.

Home construction unexpectedly rose in June as well. Housing starts increased 3.6% from May to a seasonally adjusted 582,000 annual rate. And even while more houses were built in June, the number of available homes on the market went down.

The federal government’s effort to lower the cost of borrowing has been a big reason why the housing market has been able to stabilize over the past few months.

Mortgage rates fell to a record low 4.78% twice in April after the Federal Reserve announced its plan to scoff up mortgage backed securities. That led to a surge in mortgage and refinancing applications. But now it appears the Fed’s effort to reduce borrowing costs is losing momentum.

Higher mortgage rates aren’t the only thing daunting potential homebuyers either. Soaring unemployment also poses a threat to the housing market by eroding disposable income and consumer confidence.

The gains made in the housing market have been encouraging to many analysts and investors. But with Americans facing heavy job losses and higher mortgage rates, it’s hard to imagine how they will be sustained.

Only time will tell, of course, and as with every recession before this one, no one will know exactly where the bottom is until it’s too late, and we’re all looking back and recognizing that the bottom passed months ago.

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Best Buyer’s Broker Realty is an Exclusive Buyer Agent specializing in Long Island real estate (Nassau and Suffolk properties) and neighboring Queens County properties.

We don’t take any seller listings (yet we have more homes for you to see than most agents) and never have any potential conflict of interest like other agents who also represent sellers. We represent buyers only, 100% of the time. We can show you more homes for sale because we have access to MLS, FSBOs, Exclusives (homes that agents try to keep secret), foreclosures and homes not on the market that may be of interest to you.

We are not your traditional real estate agent. Our goal is to advise and protect home buyers and help them obtain the lowest price and best terms on their dream home. Call us at 516-887-6901 to see how we can help you save time and money. Or visit our sites at www.bestbuyerbroker.com or www.bestbuyersbroker.com

The FBI and the U.S. Department of Housing and Urban Development Office of Inspector General have urged senior consumers to be wary of scams involving reverse mortgage products.

Between 1999 and 2008, use of reverse or Home Equity Conversion Mortgages, increased by more than 1,300 percent — a trend that has also increased opportunities for fraud, an issue to which seniors are especially vulnerable.

In many of the reported scams, seniors — often targeted through local churches, investment seminars, and television, radio, billboard, and mailer advertisements — have been offered free homes, investment opportunities, and foreclosure or refinance assistance.

Finally, with this issue increasing, the FBI & HUD have teamed up to inform producers and their senior clientele of a legitimate Home Equity Conversion Mortgage — insured by the Federal Housing Authority — that enables eligible homeowners to access the equity in their homes by providing funds without incurring a monthly payment.

For more information, read the FBI Intelligence Bulletin, entitled: “Home Equity Conversion (Reverse) Mortgages Exploited to Defraud Senior Citizens.”

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Best Buyer’s Broker Realty is an Exclusive Buyer Agent specializing in Long Island real estate (Nassau and Suffolk properties) and neighboring Queens County properties.

We don’t take any seller listings (yet we have more homes for you to see than most agents) and never have any potential conflict of interest like other agents who also represent sellers. We represent buyers only, 100% of the time. We can show you more homes for sale because we have access to MLS, FSBOs, Exclusives (homes that agents try to keep secret), foreclosures and homes not on the market that may be of interest to you.

We are not your traditional real estate agent. Our goal is to advise and protect home buyers and help them obtain the lowest price and best terms on their dream home. Call us at 516-887-6901 to see how we can help you save time and money. Or visit our sites at www.bestbuyerbroker.com or www.bestbuyersbroker.com